Signage for Clearwater Analytics is seen at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 24, 2021. REUTERS/Andrew Kelly

By Milana Vinn

NEW YORK (Reuters) -Private equity firm Thoma Bravo has made an offer to acquire Clearwater Analytics, people familiar with the matter said on Monday, as the race to buy out the software provider to investment firms gathers pace.

THE BIDDERS

The details of Thoma Bravo's bid, which would result in Clearwater being taken private, could not be learned from the sources, who spoke on condition of anonymity to discuss confidential deliberations.

Last week, it was reported that buyout firms Permira and Warburg Pincus had submitted a joint offer to purchase Clearwater, roughly four years after the pair listed the company on the stock market.

The sources cautioned that Thoma Bravo's bid, like the Permira/Warburg offer, was not guaranteed to lead to the sale of Clearwater.

Clearwater did not respond to a request for comment. Thoma Bravo declined to comment.

THE COMPANY

Boise, Idaho-based Clearwater makes software that helps companies manage their investment portfolios across both public and private markets. Its clients include insurers, asset managers, hedge funds and banks, according to its website.

Its share price had struggled this year as investors have sold software names amid concerns about how the growth of artificial intelligence could disrupt companies that provide software as a service.

Clearwater, which went public in 2021 at a valuation of $5.5 billion, had a market capitalization of around $5.7 billion as of Monday, according to calculations based on LSEG data.

(Reporting by Milana Vinn in New York; Editing by David French and Leslie Adler)